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If you sell you house, do you have to pay back a home equity line of credit immeadiately?? |
If you sell you house, do you have to pay back a home equity line of credit immeadiately?? All liens against the property will be paid in full at the time of closing. lign="right" > Sign in to vote! yup lign="right" > Sign in to vote! Yes you do, it is generally done right at the closing, no way around it lign="right" > Sign in to vote! Yes. All loans you have on the house must be payed off immediately when you sell your home. You cannot have a loan on a home that you do not own. When you have a home equity loan, you are using the house at collateral. Without the house, you have no collateral. If you didn't pay off the home equity loan, the bank or lender would have nothing to repossess. |
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